Online account opening for capital investors allowed

Published December 4, 2020
The new hassle-free process can enable investors to commence trading swiftly, and to ensure maximum investor protection, an alternate online customer verification process has been introduced for opening of online accounts. — Reuters/File
The new hassle-free process can enable investors to commence trading swiftly, and to ensure maximum investor protection, an alternate online customer verification process has been introduced for opening of online accounts. — Reuters/File

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Thursday approved a ground-breaking initiative to enable all Pakistani resident and non-resident investors to open online accounts in the capital market.

The new regime, part of the SECP’s digital transformation agenda, will allow investors to seamlessly open his or her account with a broker from anywhere in the country without requiring to submit any documents physically or visit a broker.

The new hassle-free process can enable investors to commence trading swiftly, and to ensure maximum investor protection, an alternate online customer verification process has been introduced for opening of online accounts.

The online verification will be conducted independently by the centralised know-your-customer organisation. In addition, the account opening process has been made simpler by reducing the number of pages to be signed by investors.

The move is expected to increase participation in the country’s capital markets and contribute significantly towards economic growth in the country by channeling investments and savings through the market.

Published in Dawn, December 4th, 2020

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